The Business Research Company’s Global Market Reports Provide Up-to-Date Market Sizing Information for 2023 and Forecasts to 2032
According to The Business Research Company’s Sports Nutrition Global Market Report 2023, the global sports nutrition market is expected to grow from $35.9 billion in 2022 to $39.5 billion in 2023, with a compound annual growth rate (CAGR) of about 10%. By 2027, the sports nutrition market is anticipated to reach $58.2 billion, with a CAGR of more than 10%. The market growth is fueled by an increasing number of gym memberships, rising participation in sports, and government initiatives.
The sports nutrition market is fragmented, with a large number of small players. Glanbia Plc. leads the market with an 8% share, followed by PepsiCo Inc., Post Holdings, Inc., Abbott Laboratories, Otsuka Pharmaceutical Co., Ltd., GNC Holdings Inc., The Coca-Cola Company, Nestle SA, Clif Bar & Company, and MusclePharm Corporation.
One of the growing trends in the sports nutrition market is the shift towards vegan-based products. As more people adopt plant-based diets, manufacturers are launching plant-based versions of their sports protein bars, powders, and Ready-to-Drink (RTD) drinks. For instance, in January 2023, Osage Food Products launched SolvPro™ Vegan Plant Protein Blends, which combine different plant proteins to deliver targeted nutritional and functional properties for a wide range of end-use applications.
Another trend in the sports nutrition market is the development of clean-label ingredients. Manufacturers are focusing on using natural and minimally processed ingredients to meet consumer demand for transparency and authenticity in their products. Clean-label products contain natural, familiar, simple ingredients that are easy to recognize, understand, and pronounce, with no artificial ingredients or synthetic chemicals. For example, Ulrick & Short has developed a clean-label ingredient called delyteTM 12, which is aimed at improving indulgence in beverages while reducing overall fat and calorie content. DelyteTM 12 provides an indulgent mouthfeel to products by assisting with viscosity and structure and is designed for dairy and plant-based beverages such as breakfast drinks, milkshakes, sports nutrition products, and meal replacements.